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Description

Social Security, Medicare, RRR
IRS Program #: X9QQU-T-01041-23-O
CTEC #: 6257-CE-0210
CE: 1 IRS / 1 CTEC
Speaker: Sandra Turner, EA

Social Security is a government-sponsored, inflation-indexed annuity that is available to most taxpayers in this country. There are occupations that do not participate, and these people are currently susceptible to both the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) calculations.

Learning Objectives:

• Explain the period for determining Social Security benefits and the indexing involved with those income years including its cut-off.
• Recall the different benefit scenarios (i.e., own, spouse, surviving spouse, divorced benefit, children) and associated restrictions.
• Express the minimal connection between Social Security and Medicare, specifically the hold-harmless provision of 42 US Code §1395r(f).
• Describe the differences between Parts A, B, C, D, and Medi-Gap.
• Reiterate how Medicare Part B premiums are calculated and what determines the MRAA adjustments.
• Contrast how the Railroad Retirement benefits program compares to Social Security.